What Are The Benefits Of Cloud Accounting?

Once upon a time, accountants had to keep handwritten documents to stay on top of the earnings and expenses incurred by the companies they serviced. Of course, that archaic process was replaced by computers which enabled businesses to store their accounting data on discs and hard drives. But, in 2019, most organizations have gone the way of the cloud – also known as the internet. Cloud accounting provides businesses with a number of benefits.

Top-of-the-line security.

Paper-based accounts of your company’s monetary dealings can easily become lost, stolen or damaged. The same can be said for age-old discs, hard drives and computers. The internet, believe it or not, is actually a very secure location for all of your company’s important data. As Emily Pribanic affirms on TechFunnel.com, cloud accounting ensures that no one can access your data unless they gain access to your login information.

“Cloud-based accounting solutions also protect your data from natural disasters and you can even invite other users to view the data with limited access,” she informs, “Cloud-based accounting companies ensure that the security and privacy of your data is always airtight and they’re constantly making updates to guarantee this.”

Regularly-updated information.

Your business is constantly evolving. The more customer relationships you forge, the more profits you’re able to attain. The more inventory you order, the more payments you have to make. As is the case with all businesses, money flows in and out on a regular basis. Cloud accounting not only makes all of these numbers very easy to manage, but helps to eliminate manual errors.

“When your data lives in the cloud you’ve always got a completely up-to-date view of your current financial situation,” notes Steve Ash of OnePageCRM, “And that allows you to make better informed decisions about the financial future of your business. Using traditional accounting methods, you’d have to scroll through pages and pages of out-of-date management reports. Now you’re looking at your company’s finances in real time – and that’s a pretty amazing benefit when you’re a fast-growing company.”

Vastly improved organization.

Cloud accounting is an excellent way to keep organized. Sifting through countless pieces of paper and numerous computer files is no longer necessary when trying to recall old bills, receipts and invoices. Keeping your data on the cloud makes it very easy to access.

“With cloud accounting, you can easily locate invoices and bills or identify whether a payment was missed,” writes Pribanic, “Cloud-based accounting solutions also allow business owners to regularly collaborate with their accountant to ensure that all financials are up-to-date which makes filing taxes much easier and smoother.”

A de-cluttered office.

Naturally, the less paperwork you have filling your drawers, cabinets and shelves, the more space you’re able to save. This allows for a much neater and more productive workspace. As Ash reminds us, keeping paperwork in order can be very challenging. “Expenses, receipts and invoices all mount up – and working your way through them takes time,” he points out.

For more information about how Platinum Bookkeeping and Tax takes advantage of cloud accounting, please don’t hesitate to contact us by calling 1-888-675-3528 or by visiting our Contact page and filling out our form!